Fact checked
Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Standard transaction accounts have been around for as long as banking itself. Now there’s a whole range of new transaction account features being introduced both by the big banks and by digital online banks. Find out what transaction accounts are used for and why it’s so important to compare your options before signing up for an account. Compare different banking features with Savvy to find a bank account that will best suit your personal needs.
Transaction bank accounts (also known as everyday accounts) are the financial backbone of every Aussie household. They’re the accounts we use to have our wages paid into, to pay our bills and buy our groceries. There are transaction accounts available for almost every type of customer, from young children to students, teens and young adults, right up to retirees and those over 65 (as well as special business transaction accounts and those intended for self-managed super funds.)
For this reason, it’s important to choose the right account for your personal needs and make sure the account you have is the best one possible. Savvy can help you decide which transaction account is best for you by providing clear and easy-to-understand bank account comparison information.
The functions carried out by a transaction account include:
Some of the key features you should think about when comparing transaction accounts are:
Fees and charges
Is there a monthly account-keeping fee? Many smaller and digital banks now offer no-fee banking, but some of the big banks in Australia still charge a monthly fee, which is typically $3 to $6 per month. This may only add up to around $60 a year, but it’s money you wouldn’t need to pay if you chose a no-fee account. Most banks offer fee-free bank accounts for children, students, pensioners and retirees. Also, keep an eye out for package offers that give you free banking if you have a home loan, or if you link a savings account or take out insurance with the same institution.
Look at other fees: are there transaction fees or a charge every time you go into a bank branch to ask for assistance? Some banks charge $2.50 for ‘teller-assisted enquiries’. This means if you bank your shop’s takings every day, you could be charged $12.50 a week just for depositing your cash. You may want to find a bank that doesn’t charge for cash deposits if you use this feature frequently.
Compare ATM accessibility and cash withdrawal charges if you often take out cash, as well as overseas transaction account charges if you frequently travel, send money abroad or buy goods internationally. Business transaction accounts tend to come with more and higher transaction fees, but some banks do charge a fee for everyday transactions on personal accounts too.
A detailed list of bank fees can usually be found on the bank’s website in their terms and conditions or on a ‘rate and fee chart’. You may have to dig around at the very end of a banking page (in the small print) to find this detailed information, as most banks don’t like to advertise the fees they charge.
Functionality
Are you an active account user or more of a ‘set-and-forget' type of customer? If you’re the former and like to monitor your account balance and be aware of when money is going in or coming out of your account, the advanced features a mobile banking app can offer may be important to you.
Some of the best transaction accounts allow you to set alerts so you receive a message whenever money goes in or out of your account. Some offer ‘auto-spending categories’, where the app automatically categorises your spending into groups and shows you how much you’ve spent in each category. Think carefully; do you need to see at a glance how much you’ve spent on takeaway food this month? If this type of detailed account information is of interest, look at the banks who advertise a wide range of features on their mobile app.
Compatibility
Look at what systems you already know and are familiar with and make sure your new transaction account will fit in. For example, if you have an iPhone, make sure the bank’s mobile app works with Apple Pay or your chosen digital wallet. Similarly, if you have a Samsung phone or smartwatch, you may need to check for Samsung Pay compatibility. If you have a preference for Visa or Mastercard, look at which type of card is supplied and linked to your new transaction account.
For a business transaction account, check that your accounting software will work with direct data feeds from your bank account of choice. There’s nothing more frustrating than setting up a new bank account only to find it’s not compatible with your existing software or accounting package.
Some of the new transaction account features to look out for include:
The trick is to look at a range of the best transaction accounts and compare their features and fees side by side. Don't be afraid to open more than one transaction account to take advantage of the different features offered free of charge.
Savvy presents you with this detailed comparison information, looking at a range of account features from many different banks, building societies and credit unions. You can access this information free of charge so you’re able to more confidently make the best choice of account for your family circumstances.
Our comparison service is free to use, meaning you can compare bank account offers at any time.
You can compare accounts and choose to open one online from wherever you are, at home or on the go.
By partnering with trusted Australian institutions, you can be more confident when comparing offers with us.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
